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Insurance Policy -Various Question ....
1. Regarding Homeowner Policy, HO-6 Condominium unit-Owner form. Does HO-6 have same Dwelling coverage as HO-2 Basic:Home-owner broad form? Acronym of coverage W.H.A.R.V.E.S. -Windstrom, Hail, Aircraft, Riot,Volcano,Explosion,Smoke?
HO-2,HO-3,and HO-5 homeowners forms provide building coverage on a replacement cost basis if the building is insured 80% or more of its replacement cost.
2. Here is a Question What if they homeowner insures 70% of its replacement cost what happens then?
3. As the House values are not appreciating as it should then even if the insure has placed 80%, but the replacement cost is less then what the homeowner acquired then what happens?
Thanks
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